20C — May 27 - June 9, 2016 — Industrial / Distribution Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
I ndustrial R eal E state & D istribution C enters The Hampshire Cos. acquire 700 Union Boulevard JLL inks sale of 330,000 s/f life sciences facility for $20m CBRE arranges $2.59m sale of industrial facility in N.Y.
OTOWA, NJ — JLL completed the sale of 700 Union Blvd. in Totowa, for P.F. Laboratories Inc., a subsidiary of Purdue Pharma LP. The Hampshire Cos . acquired the 330,000 s/f life sciences building for ap- proximately $20 million. The seller was represented by JLL’s life science team of Daniel Loughlin , interna- tional director and head of bro- kerage in New Jersey; Peter Ladas , senior vice president; and John Buckley , vice pres- ident; David Knee , senior managing director and head of industrial brokerage in New Jersey all with JLL. The team worked closely with Todd Anderson , principal, and his team at The Hampshire Cos.; the firm represented itself in the transaction. “P.F. Laboratories tapped JLL to sell 700 Union Boule- vard due to our team’s experi- ence in dispositions of life sci- ence manufacturing, R&D and large corporate campuses, as well as our integrated team ap- proach combining our life sci- ence expertise with the firm’s leading industrial team,” said T KUTZTOWN, PA — Wood- mont Industrial Partners (WIP) , a development and management firm, announced that it has sold 9747 Com- merce Circle — a class A, 385,000 s/f industrial property in Kutztown, PA. The CBRE team of execu- tive vice president Michael Hines , senior vice president Brian Fiumara and vice president BradRuppel repre- sented WIP in the transaction. Woodmont Industrial Part- ners, which acquired 9747 Commerce Circle in 2012 in a joint venture with AEWCapi- tal Management , extended and expanded a lease at the building with Hearth &Home, the leading producer and in- staller of hearth products for 173,701 s/f. “Given the exceptional qual- ity of the building, as well as its stable tenancy and strate- gic location in the increasingly sought-after Lehigh Valley industrial market, 9747 Com- merce Circle presented an outstanding investment op- portunity for WIP” said Eric Witmondt , principal of Wood-
70 Red Schoolhouse Rd.
the expansion of parking. In addition, a new roofing system was installed under a 20-year warranty. “Though there’s a limited amount of industrial assets currently available, high de- mand and activity is a testa- ment to the continued strength of the industrial market,” said Klapper. “Our team was able to procure the buyer, a seasoned industrial property owner who received a loan for the property with ease.” 70 Red Schoolhouse Rd. is situated on 1.98 acres, in immediate proximity to the Garden State Parkway, Inter- states 287 and 87, Routes 17, 202 and 59 and the Palisades Parkway. Klapper added: “Our CBRE Tri-State Investment Proper- ties team is very active in the New York suburban market, as well as in the urban New York City boroughs. With our extensive reach of investors, we can generate more interest in properties and achieve max- imum value for our clients.” n of the existing building is be- ing partially demolished. The balance of the building being left standing will be completely renovated, providing Driscoll Foods with an additional 166,000 s/f of space. Both the new addition and renovated space will be connected. The new refrigerated warehouse will include over 200,000 s/f for coolers and freezers, as well as ambient warehouse space for dry food storage. The Hollister team leading this effort includes Kieran Fla- nagan , project executive; John Maulbeck , senior project man- ager; Lina Kraytem , assistant project manager; John Cas- selli , superintendent; Alexis Capozzi , project coordinator, and Frank Caputo , senior estimator. ESI Architectural and Engineering Services serves as architect and Bohler Engineering is the engineer. n
CHESTNUT RIDGE, NY — CBRE announced that its Investment Properties team has arranged the $2.59 million sale of a 32,000 s/f industrial property in Chestnut Ridge, NY. Located at 70 Red School- house Rd., the facility fea- tures four units that are fully occupied by three separate tenants, including Clemente’s Baseball & Softball Academy, a prestigious training facility for up-and-coming athletes. CBRE Capital Markets In- vestment Properties’ team of Charles Berger and Mark Silverman , in New Jersey, and Elli Klapper , in New York, along with CBRE’s Rob- ert L’abbate , represented the seller and procured the buyer in the transaction. Throughout recent years, the previous owners of the facility invested in number of significant capital improve- ments, including the instal- lation of new signage, the conversion from well water to municipal water service and WAYNE, NJ — Hollister Construction Services has broken ground on Driscoll Foods, LLC’s new 507,000 s/f distribution center headquar- ters in Wayne. Hollister has been retained by Driscoll Foods to provide full construction management services for the construction of the facility. After outgrowing its facility in Clifton, NJ, Driscoll Foods, a leading foodservice distributor, purchased the former site of Bayer’s North American head- quarters at 6 West Belt Pkwy. The new site allows Driscoll Foods to increase its warehouse space and operations areas from 218,000 s/f to 507,000 s/f. This new headquarters will al- low the company to increase its employee count from 450 to 800 in the span of five years. To make room for a new 341,000 s/f refrigerated ware- house addition, the west side
700 Union Blvd.
Ladas. “The Hampshire Cos. was able to lease the facility to a like-kind user that would find the building’s existing manufacturing equipment and systems infrastructure ideal as the firm expands its business.” The property consists of cGMP manufacturing and packaging, warehousing, chemical and wet labs, ex- ecutive offices and conference rooms, and a chiller plant. Facility amenities include a cafeteria with indoor/outdoor seating areas, state-of-the- art security with card access controlled doors and ample
parking. The 700 Union Blvd. com- plex is located off Rte. 46 at I-80 Exit 53 (Eastbound) and Exit 55B (Westbound), and is close to I-280, I-287, the Garden State Parkway and I-95/NJ Turnpike. The facil- ity is adjacent to the Rte. 46 corridor and a wide variety of restaurants, banks, hotels, day-care facilities and retail stores, including the Willow- brook Mall. The property is just minutes from New York, major transit hubs, Newark Liberty International Airport and Port Newark-Elizabeth. n
Woodmont Industrial Partners sells 385,000 s/f class A distribution center
Hollister breaks ground on new distribution center headquarters
9747 Commerce Circle
mont Industrial Partners. “As we continue to grow our portfo- lio of industrial properties and land sites across New York, New Jersey and Pennsylva- nia, we will work to identify properties that fit this mold.” Located within the Arcadia West Industrial Park in the heart of the Lehigh Valley, 9747 Commerce Circle is less than a half-mile away from In- terstate 78, and provides easy access to I-476 and Rte. 22.
Built in 2007, the building is equipped with an ESFR sprin- kler system, T5 lighting, 32-foot ceiling heights, 50-by-50-foot column spacing, 20 loading dock doors and 10 additional knock-out dock door panels. Woodmont Industrial Part- ners is an affiliate of Fairfield, New Jersey-based Woodmont Properties, a leading real estate development and man- agement firm established in 1963. n
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